85,467 Shares in Rigetti Computing, Inc. $RGTI Acquired by Eagle Strategies LLC

Eagle Strategies LLC purchased a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) during the second quarter, Holdings Channel reports. The firm purchased 85,467 shares of the company’s stock, valued at approximately $1,014,000.

A number of other hedge funds have also recently added to or reduced their stakes in RGTI. California State Teachers Retirement System grew its stake in shares of Rigetti Computing by 12.7% in the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company’s stock valued at $176,000 after purchasing an additional 1,301 shares during the last quarter. US Bancorp DE grew its stake in shares of Rigetti Computing by 29.4% in the 1st quarter. US Bancorp DE now owns 6,248 shares of the company’s stock valued at $49,000 after purchasing an additional 1,420 shares during the last quarter. Amalgamated Bank grew its stake in shares of Rigetti Computing by 33.1% in the 1st quarter. Amalgamated Bank now owns 6,516 shares of the company’s stock valued at $52,000 after purchasing an additional 1,622 shares during the last quarter. Strategic Advocates LLC grew its stake in shares of Rigetti Computing by 10.9% in the 1st quarter. Strategic Advocates LLC now owns 19,379 shares of the company’s stock valued at $153,000 after purchasing an additional 1,911 shares during the last quarter. Finally, Armstrong Advisory Group Inc. grew its stake in shares of Rigetti Computing by 225.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock valued at $35,000 after purchasing an additional 2,060 shares during the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Insiders Place Their Bets

In other news, Director Michael S. Clifton sold 75,000 shares of Rigetti Computing stock in a transaction on Friday, September 12th. The stock was sold at an average price of $19.00, for a total value of $1,425,000.00. Following the completion of the sale, the director owned 653,766 shares of the company’s stock, valued at $12,421,554. The trade was a 10.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of Rigetti Computing stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $14.84, for a total value of $58,157.96. Following the completion of the sale, the chief financial officer directly owned 183,581 shares of the company’s stock, valued at approximately $2,724,342.04. This represents a 2.09% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 457,624 shares of company stock valued at $8,498,996. 1.90% of the stock is currently owned by company insiders.

Rigetti Computing Stock Down 1.5%

NASDAQ RGTI opened at $43.23 on Thursday. Rigetti Computing, Inc. has a fifty-two week low of $0.73 and a fifty-two week high of $48.23. The stock has a market cap of $14.01 billion, a price-to-earnings ratio of -56.88 and a beta of 1.60. The business has a fifty day moving average of $21.38 and a 200-day moving average of $14.78.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. The company had revenue of $1.80 million during the quarter, compared to analysts’ expectations of $1.87 million. Rigetti Computing had a negative return on equity of 29.05% and a negative net margin of 2,134.92%. As a group, analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on RGTI shares. Needham & Company LLC lifted their target price on Rigetti Computing from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, August 4th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Williams Trading set a $50.00 price target on Rigetti Computing in a report on Tuesday. B. Riley raised their price target on Rigetti Computing from $19.00 to $35.00 and gave the company a “buy” rating in a report on Monday, September 22nd. Finally, Benchmark raised their price target on Rigetti Computing from $20.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Rigetti Computing presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.29.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.